On 03/01/24 Apple Inc. (AAPL) broke below important support and could soon drop to its October 2023 bottom. The daily AAPL chart courtesy of Trading View shows what happened. The 02/15/24 blog “Apple Inc. Downside Rollover” noted AAPL had a double bottom with the key point at 179.25. This level was pierced on 03/01/24 alongContinue reading “Apple Inc. Major Downside Break”
Category Archives: Price
The Final Wave Up?
The S&P 500 (SPX) could be in the last part of a rally that began in October 2022. The 02/29/24 blog illustrated that an Elliott wave – Horizontal Triangle could be developing. Also noted – a low probability the Horizontal Triangle could already be complete. The 15 – minute SPX chart courtesy of Trading ViewContinue reading “The Final Wave Up?”
Alphabet Inc. Major Downside Break
Alphabet Inc. (GOOGL) has broken below trendline and chart support. This downside move has bearish implications for the stock and perhaps the broader U.S. stock market. The 02/25/24 blog “Three Magnificent Stocks” examined the technical situation for GOOGL and noted. “A move below the lower rising trendline and first chart support at 139.49 could openContinue reading “Alphabet Inc. Major Downside Break”
Three Magnificent Stocks to Watch
In the late stage of a stock bull market fewer and fewer stocks participate in the rally. This phenomenon can be viewed in the “Magnificent Seven Stocks”. Soon, if one or two of these seven stock breaks to the downside, it could trigger a significant decline in the broader U.S. stock market. The Magnificent SevenContinue reading “Three Magnificent Stocks to Watch”
Bearish Message From Copper
Copper is an industrial metal, and its price action can be a broad gauge for the economy. Copper tends to decline in periods of economic weakness, rising in economic recovery. The action of Copper vs. the S&P 500 (SPX) since early 2023 suggests that the U.S. economy and stock market could soon be declining. TheContinue reading “Bearish Message From Copper”
Intraday Examination of the S&P 500
On 02/13/24 the U.S. stock market had a large steep decline. Subsequently the three main U.S. stock indices have rallied with the S&P 500 (SPX) being the strongest, on 02/16/24 it was only 9.69 points from its all-time high. The SPX ended the session down, just above important intraday support. The 15 – minute SPXContinue reading “Intraday Examination of the S&P 500”
Apple Inc. Downside Rollover?
The most bearish of the “Magnificent Seven” stocks relative to the S&P 500 (SPX) is Tesla Inc. (TSLA). The next most bearish stock is Apple Inc (AAPL). The action of AAPL from its December 2023 top suggests it could be on the verge of a sharp decline. The weekly AAPL chart courtesy of Trading ViewContinue reading “Apple Inc. Downside Rollover?”
Potential S&P 500 Support levels
Assuming the S&P 500 (SPX) 02/12/24 top holds, there are two levels where short-term bottoms could occur. The daily SPX chart courtesy of Trading View illustrates Fibonacci retracement levels and Volume Profile.” Fibonacci ratios are typically areas where markets or stocks could retrace to on any time scale. In this case the largest SPX priceContinue reading “Potential S&P 500 Support levels”
Nearing an Important Anniversary Date
On February 9. 1966 the Dow Jones Industrial Average (DJI) reached 1,001.11, an all-time that terminated a 24 – year secular bull market that began in April 1942. Perhaps the S&P 500 (SPX) could end a 15 – year secular bull market near 5,000 close to or on February 9, 2024. The daily DJI chartContinue reading “Nearing an Important Anniversary Date”
Basing for the Final Rally?
The intraday actions of the three main U.S. stock indices appears they may be basing for another, perhaps final rally. The 15 – minute chart of the Dow Jones Industrial Average (DJI), S&P 500 (SPX), and Nasdaq Composite (IXIC) courtesy of Trading View illustrates what’s been happening. At the close of the 01/25/24 trading sessionContinue reading “Basing for the Final Rally?”
Four Dimension Trading 